Eureka firm investigating former financial advisor

A Eureka-based financial advisor was discharged last month and his former firm is investigating allegations that he misappropriated money from clients.

Timothy D. Cochrane was discharged from Summit Brokerage Services Inc. on March 10 after working there for about four years, according to a Financial Industry Regulatory Authority report. FINRA is the largest, non-governmental regulator for all securities firms doing business with the U.S. public.

Cochrane's former firm reported to FINRA that it was investigating suspicions that Cochrane misappropriated money from some of the firm's clients and deposited funds into a bank account under his control.

According to a letter sent to Cochrane's former Summit clients and submitted to the Times-Standard, clients were advised to not contact Cochrane or his daughter, Jana, regarding money matters, and to instead contact advisor Steve Suttell in the future.

Suttell said he could not comment on the situation, and calls to Summit's corporate headquarters were not returned by deadline. No charges have been filed with the Humboldt County District Attorney's Office.